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Oct 29, 2010

SSB still undecided on the investment in Telemedia Shares

The Social Security Board was to decide today whether or not it was to invest fifty million dollars in Telemedia shares. But that didn’t happen because the representatives from the unions did not present themselves to the scheduled meeting. The vote could not be taken because the Social Security Act is clear that for the investment to be approved, the unions are required to be present for the vote. The representatives of the Business Bureau and the Chamber of Commerce did attend along with the rest of the Board. It is well known that at the level of the Investment Committee, the unions did not support the investment but the Committee approved the recommendation to the Board when the chairman Net Vasquez used his casting vote. So as it stands tonight, the Board could not take a vote. On October fifteenth the government released the prospectus for the sale of shares. Government hopes to raise over a hundred million dollars for the shares that are going for five dollars each.

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1 Response for “SSB still undecided on the investment in Telemedia Shares”

  1. reggie says:

    Hold your ground Union Official. When they wanted to take away B.T.L. and give away the Boledo they didn’t ask you guys for a vote.So let them do their own thing .Keep your money where you guy are happy .one one full basket.B.T.L. is a sinking Ship.

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